MADRID — It's the stuff of a soap opera starring European nobles: at age 85, one of Spain's richest and most title-laden women wants to wed a civil servant young enough to be her son. To placate her six wary children, she's signed over to them palatial chunks of her wealth.

She's a distant relative of Queen Elizabeth and Winston Churchill and you have to take a deep breath just to pronounce her name:

The twice-married matriarch's supreme title is Duchess of Alba, but she has more than 40 others. Her 60-year-old beau is a man named Alfonso Diez, who works for the Spanish social security administration.

They first met decades ago because her then husband — No. 2 — was friends with Diez's brother, an antiques dealer, and after running into each at a movie theater about three years ago the duchess and Diez eventually started dating.

The Duchess of Alba said in a rare radio interview early this year that she wanted to marry Diez but her children — five men and a woman — were against it. She denied any suggestion Diez was a gold-digger.

"Alfonso does not want anything. He has renounced everything," she told COPE radio. "All he wants is me."

Last month the duchess and her children went to a notary in Madrid and she registered them to be owners of palaces, castles and other property around Spain upon her death, according to widespread Spanish press reports. For now, though, she will retain control of the fortune of the more than 500-year-old House of Alba.

A representative for the duchess, Lola Morali, declined to comment, saying in an email Wednesday that she and the duchess were on vacation until September.

The early divvying up of most of the vast family pie appears to have appeased her children at least somewhat.

Her youngest son, Cayetano Martinez de Irujo, age 48, said last week of his mother's desire to marry Diez: "We have found the solution for her to be able to do it."

He said he and his siblings remained unenthused, however, about the idea of nuptials.

"I absolutely accept their relationship, if it is what they say it is," Martinez de Irujo said, but insisted they should not wed.

"If in the end my mother decides to get married, we will attend even though we still do not agree," Martinez de Irujo told the newspaper El Mundo.

Another newspaper, El Pais, said estimates of the duchess' wealth — it includes paintings by Goya and Velazquez and a first edition copy of Cervantes' "Don Quixote" — range widely from euro 600 million ($856 million) to euro3.5 billion ($5 billion).

But her fortune is hard to calculate. Partly it's because some of it is in stocks — by nature volatile, especially these days. And the art masterpieces, classified as Spanish national heritage by the government, cannot be removed from the country and thus would be less pricey if auctioned, according to Jose Luis Sampredro, a historian who has written a book on the House of Alba.

What's more, the duchess possesses things like historical documents that are simply priceless, Sampredro said in an interview.

"Who can say how much a letter from Christopher Columbus is worth, and she has several," he said.

Maria del Rosario Cayetana Alfonsa Victoria Eugenia Francisca Fitz-James Stuart, Spanish Duchess of Alba, dances flamenco in presence of her husband Alfonso Diez after their wedding at Las Duenas Palace in Seville, Wednesday Oct. 5, 2011. A wealthy, 85-year-old Spanish Duchess of Alba considered the world's most title-laden noble married a civil servant 25 years her junior, shrugging off her children's qualms and celebrating by kicking off her shoes and dancing a bit of flamenco.(AP Photo/Miguel Angel Morenatti)

Cayetana and Alfonso! October 5, 2011

SEVILLE, Spain (AP) — A wealthy, 85-year-old Spanish duchess considered the world's most title-laden noble married a civil servant 25 years her junior on Wednesday, shrugging off her children's qualms and celebrating by kicking off her shoes and dancing flamenco.

A crowd of several hundred clapped and roared its approval as the Duchess if Alba waved, smiled and danced on a red carpet after her wedding to Alfonso Diez at Palacio de las Duenas, her 15th-century residence in the cobblestoned old quarter of Seville.

Diez stood close by in a dark suit, smiling and holding an outstretched arm at the ready, as if to catch his bride if she stumbled. The duchess hiked up her dress as she performed a few whirling steps of Spain’s quintessential art form in the city perhaps best known for it.

With her frizzy white hair, squeaky voice and wildly colorful clothes, the duchess is among Spain's most famous people. Only a few dozen family members and close friends were invited to the ceremony.

Her full name — take a deep breath — is Maria del Rosario Cayetana Alfonsa Victoria Eugenia Francisca Fitz-James Stuart y de Silva. She goes by simply Cayetana, and is a distant relative of Queen Elizabeth and Winston Churchill.

She and Diez, a social security administration employee, are old acquaintances through her second husband, who was a former Jesuit priest, and Diez's brother, an antiques dealer. They bumped into each other about three years ago outside a movie theater in Madrid and eventually started dating.

Her six children, all from her first marriage, reportedly balked when the idea of marriage emerged. In July of this year the duchess assigned them and her grandchildren juicy chunks of her vast estate, like mansions and palaces, in an effort to appease them and clear her way to the altar.

"I have been alone in this project, and got nothing but negative opinions until they realized what kind of man he is," the duchess told the Spanish news agency Efe this week in a rare interview.

Estimates of her wealth range from euro600 million ($800 million) to euro3.5 billion ($4.7 billion). Besides fabulous and historic real estate sprinkled around Spain, the family treasure boasts paintings by Goya and Velazquez, a first-edition copy of Cervantes "El Quixote", and letters written by Christopher Columbus.

However, although owned by the 500-year-old House of Alba, the artwork and some other property is classified as part of Spain's national heritage and cannot be sold without government permission.

Diez will be entering a new world, although he has reportedly signed a document renouncing any claim to the House of Alba wealth. As a civil servant in Madrid he earned euro1,500 ($2,000) a month. Now he will live in splendor as a duke, reportedly with plans to take a leave of absence from his day job, although the noble title will pass on to the duchess's eldest son, Carlos, when she dies.

Two of the children did not attend the wedding. Her only daughter, Eugenia, was reported to hospitalized in Madrid with chicken pox, while one of her sons, named

Jacobo and reportedly unhappy with his slice of the family fortune — was said to be traveling outside Spain.

The matriarch's supreme title is Duchess of Alba, but she has more than 40 others — in fact, more than anyone else in the world, according to Guinness World Records.

Trisha Waldron was 28 years old when she realized that the life she had drifted into was a dead end. She had gone from being a daughter to a wife to having her first baby at 22. Now single and barely surviving on food stamps in the Black Hills of South Dakota, she had no college degree, no work experience to speak of, and no clear idea of what to do with the rest of her life. She owned a tiny two-bedroom house from her divorce, and she had her two lovely little girls, ages four and six, but that was about it.

You can create your own life

One afternoon, volunteering at her daughters’ school, she heard a teacher tell the kids, “You can create your own life.” That sentence changed everything. As she puts it, “I knew I had to take responsibility for my own life. I had been running it according to others and things hadn’t worked out very well.”

She applied for a student loan and went back to school. The first year, she and her girls lived on welfare, food stamps, and odd jobs, but the second year, an opportunity presented itself and she grabbed it. An artist friend offered her a job assembling jewelry for a mail order catalogue in her spare time. She knew it wouldn’t be easy: she’d be in school all day, taking care of the kids in the evening, and then have to work late into the night at her kitchen table, but she’d be working for herself and be able to get off welfare.

Having a job and being in school built up Trisha’s confidence and she eventually proposed to the owner of the catalogue that she design his entire line of jewelry. She says, “As an entrepreneur you are always going to be confronted by things you don’t know, but you can’t let it stop you.” She went to the library and dove into teaching herself the basics of jewelry design as well as exploring Native American motifs from which she would draw inspiration. She recalls that she didn’t get a lot of sleep in those days.

[ Donate: You can help struggling women get back into the workforce by giving to Empowered Women International. The award-winning non-profit channels the creative talents of low-income women into small businesses to create jobs ]

Growing the business

Her business moved from the kitchen table to the garage where she installed a wood stove to keep it warm against the bitter South Dakota weather. Still, she had to work in gloves and a heavy coat during the winter. After two years, she decided she was ready for an even greater challenge and, in 1985, incorporated her own company.

From the beginning, Trisha was as excited by the cultures that informed her jewelry designs as she was by the final product. She learned the world was a whole lot bigger than Rapid City, South Dakota. She forged relationships with bead and stone vendors from Africa, India, and China.

Looking back, she says those relationships and the ones she developed with her staff made all the difference for the long-term success of her business. She explains, “At first, I had a super aggressive, take-no-prisoners approach. I might have gained something for myself but I wasn’t very nice to those around me. Eventually, I learned that you draw power as a woman in business by being compassionate and inclusive. This way, you can make long and loyal relationships.”

Her first million

After only five years in business, she had made her first million. But, as Trisha remembers, “Getting there was incredibly challenging, I learned by trial and error, I cried a lot. But I lived simply and didn’t need much to survive. I was in a small town and hired my girlfriends to help me. My neighbors pitched in with the kids. My big break came in 1987 when the catalogue of the Smithsonian Institution started featuring my work.”

Helping others help themselves

After winning the Smithsonian as a client, Trisha was able to move out of the garage into a proper jewelry studio. Other catalogues, such as the Museum of Fine Arts in Boston, started picking up the line. When things got busy, she would hire as many as 40 other women, mostly single moms, to fabricate her designs out of their homes--just as she had when she first started.

In 2006, after over 20 years in business, Trisha sold her company to an employee and retired to California with her second husband.

Trisha’s advice for people who want to start their own businesses:

Your responsibility is to be clear about your vision. Then you can ask others to help.

There is a lot of assistance out there for entrepreneurs if you look for it: I learned bookkeeping from a volunteer group of retired accountants.

Surround yourself with people who support you. A lot of people said I was crazy to start my own business as a single mom. But I had a few people who believed in me.

Be okay with the knowledge that you won’t know how to do everything right away and trust that you can learn.

Create a “mastermind group” – 2 or 3 people who are willing to have you bounce ideas off them every few weeks. I kept my group going for 10 years.

Each year, Phoenix Marketing International analyzes national data on millionaire households to reveal which U.S. states attract the most high-income families.

The overall number of millionaire households in the U.S. has increased nationwide for the second time in two years. In 2011, there were 5.94 million millionaire households, compared with 5.56 million households a year earlier, an increase of approximately 6.8 percent. Nearly every U.S. state saw an increase in its total number of millionaires, adding thousands of households to millionaire status, according to the new numbers from Phoenix Marketing.

The study defines millionaire households as those with $1 million or more in investable or liquid assets (excluding sponsored retirement plans and real estate). Overall, 5.08 percent of U.S. households claim millionaire status, up from last year but still short of the 2007 high of 5.25 percent.

David Thompson, managing director of Phoenix Marketing, notes that "this is the closest it's ever been between the top two states," adding that "all of the top 10 states increased their millionaire ratios during the past year, which underscores that the richest states keep getting richer."

In past reports, Thompson has noted that "small states with large concentrations of highly educated professionals and business owners are key ingredients to growing wealth," and that states with a large proportion of millionaires tend to share these characteristics.

Update (3:42 p.m.):Fans aren't the only ones who learned of the Kim Kardashian divorce via TMZ–apparently Kris Humphries did too!

"I'm committed to this marriage and everything this covenant represents," Humphries told the gossip site. "I love my wife and am devastated to learn she filed for divorce ... I'm willing to do whatever it takes to make it work."

Update (3:15 p.m.):Kim Kardashian has released the following statement: "After careful consideration, I have decided to end my marriage. I hope everyone understands this was not an easy decision. I had hoped this marriage was forever, but sometimes things don't work out as planned. We remain friends and wish each other the best."

Original story:The honeymoon is over. Really over.

After only 72 days of marriage, TMZ reports that Kim Kardashian has filed for divorce from husband Kris Humphries.

According to the gossip site, Kim has listed today–October 31, 2011–as the separation date and cited “irreconcilable differences.” The reality star is also rumored to have hired celebrity divorce lawyer Laura Wasser, who handled the splits of Britney Spears, Maria Shriver, Angelina Jolie and Robyn Gibson. However, dividing the assets shouldn’t be a big deal as the couple reportedly signed a prenup.

Kim and Kris have reportedly had problems from the very beginning, with rumors of their impending split raging for weeks. The couple was caught on camera last week having what appeared to be an argument and, over the weekend, Kardashian appeared alone at a Halloween party.

According to reports, Kim's reluctance to settle down in Minnesota (Kris' home state) after the wedding was a major catalyst for the split.

The couple was married on August 20 in what the Kardashian family referred to as “royal wedding number two.” The gala event certainly carried a hefty price tag with the nuptials coming in at around $10 million. As TMZ points out, that is $138,888 for each day of sort-of wedded bliss.

This is Kardashian’s second marriage, second divorce. In 2004, Kim split from her first husband, music producer Damon Thomas.

We know you're still nursing a high-tea hangover from last month's royal wedding, but it's time to man up and get serious, because none other than the reigning queen of reality TV (not Snooki, the other one) is planning to tie the knot.

BLING-A-DING-DING: Kim has already bested her little sis when it comes to engagement ringage, her 16.5-carat diamond flanked by a pair of 2-carat stones outshining the paltry 9-carat rock Lamar Odombestowed on Khloé two years ago. How does it compare to Kate's, though? Well, the Duchess of Cambridge is sporting an 18.5-carat "commoner's sapphire"-and-diamond ring that once belonged to Princess Diana. Kim's bauble has been priced at more than $2 million, but Kate's possibly cursed ring is kinda priceless, when you think about it. (Technically, however, the royal ring, which cost $60,000 in 1981, would now cost about about $500,000 to recreate.)

YES TO THE DRESS:Shhh, do you hear that? It's the sound of dozens of designers sharpening their scissors in hopes of being the One to design Kim Kardashian's wedding dress. Speculation as to what and who Kim will wear on her most important moment in the spotlight will indeed rival the anticipation surrounding Kate's gown, we guarantee it. (Whether the finished product rivals Kate's Sarah Burton-designed stunner in taste and chicness remains to be seen.)

PRICE TAG: Estimates put the cost of the royal wedding at $50 million to $70 million (from flowers to military-grade security), with the groom's family picking up most of the tab and the parents of the bride pitching in for the dress and whatnot. Noted L.A. wedding planner Beth Helmstetter tells E! News that the cost of Kim's big day could easily start at $1 million and then skyrocket—but that a host of vendors will probably be eager to donate their goods and services in return for all that publicity. "As Hollywood royalty, Kim definitely can take a different spin on her day and truly show off her personality while still being regal and classic," Helmstetter says. "To make the day that much more unique to the couple, having a structure built especially for the day would be the way to ensure it is every bit Kim. This would allow her and her event designer to choose everything from the flooring to the wall coverings as well as allow her to add unique and personal moments such as custom pews built with each guests name carved into them as a way to include their entire community of friends and family in their union."

Frazer Harrison/Getty Images for PCA

BRIDAL PARTY: Queen Elizabeth probably won't be able to make it, but Kim's family tree sure doesn't lack for limbs. Kate had Pippa and the adorable pouting bridesmaid, but Kim's got Khloé, Kourtney, Kendall and Kylie. And Kris is bringing sisters Krystal and Kaela to the table, believe it or not!

GUEST LIST: Around 1,900 invitations summoned the créme de la créme of society to Westminster Abbey to watch Kate and Prince Williamtie the knot. While we're thinking Kim's big day will be a bit more intimate (unless they rent out a stadium), you can bet a far bigger batch of celebrities and pro athletes will make the list. (Maybe not as many exes, though...) And whatever the Kardashian-Humphries nuptials lacks in hats, it will surely make up in cleavage.

COME ONE, COME ALL: It was originally estimated that a billion people would tune in to watch William and Kate swap vows in real time. In reality, only about 22.8 million people caught the ceremony on TV—but another 400 million watched on YouTube alone. So yes, you heard it here first: E! and E! Online cordially invite 400 million of you to watch Kim's wedding.

KA-CHING: And while all Kate got for her efforts was a lousy title (or three), Kim stands to pad her bank account. Industry insiders are estimating that exclusive domestic rights to her wedding photos could go for $2 million, with international rights selling for another $1 million (and rogue paparazzi shots going for a premium, thanks to all the exclusivity). "Kim's wedding photos will be more valuable than pictures of Prince William and Kate Middleton's wedding simply because hundreds of photographers had almost the same photos of the royal couple and, of course, there were official photos released by the palace," says Marco Gonzalez, a senior reporter for celeb-photo site X17 Online. "Kim will likely do a deal with a major magazine for the exclusive coverage of her big day, but candid shots of her could launch a huge bidding war between the other magazines that aren't getting the 'official' shots."

Oh, and if you think we're just blowing smoke, remember, it isn't just the home team that's rooting for Kim.

"Kim's popularity is global," Gonzalez says. "Every detail of her life is chronicled by magazines and newspapers in England, France, Hungary, Croatia, Thailand—you name it. It's as if the entire world is watching the Kardashians."

Kim Kardashian and Kris Humphries, NBA basketball player, at the Kardashian Kollection launch party in Montecito, Calif., days before their reality TV mega-wedding in August. Less than 75 days later, divorce papers are filed. (AP Photo/Matt Sayles)

In an eerie twist of Halloween fate, Kim Kardashian and Kris Humphries listed the wedding date on their gift registry as October 31, 2011, the exact day Kardashian actually filed for divorce, according to a story in the New York Daily News. Perhaps it’s not so surprising their marriage turned into more of a horror story than the fairy tale it was set up to be.

What’s really a nightmare is the mountain of gifts Kardashian is required by etiquette to personally return with a handwritten note (no tweets allowed). According to the same story in the Daily News, Kardashian and Humphries registered for over $172,000 of swag at the luxury Beverly Hills boutique Geary’s. Their blinged-out gift requests included a Baccarat crystal vase valued at nearly $8,000 and $38,000-worth of place settings by Buccellati.

We consulted two etiquette experts, Lizzie Post, Emily Post’s great-great granddaughter and co-author of “Emily Post’s Etiquette, 18 th Edition” and Sharon Naylor, author of over 35 wedding-planning books including “The Essential Guide to Wedding Etiquette” on whether or not Kardashian should return her wedding gifts and other thorny issues surrounding brief marriages. It seems Kardashian has already broken rule number one: tell your close friends and family of the split before you broadcast to a wider circle. And might we add, best to announce it to your hubby before the media (Humphries says he learned of their breakup the same way the rest of the world did, from TMZ). However, now could be Kardashian’s chance to redeem herself if she handles the remaining post-marriage triage with care.

Both Post and Naylor emphatically believe that after a short marriage, the wedding gifts must be returned with a brief, polite, and heartfelt handwritten note. Naylor says that if the bride is too distraught to write the notes, members of her immediate family or bridesmaids can help her (finally, a chance for sisters Khloe and Kourtney Kardashian to pull their weight). Post suggests that the bride return the gifts from her side of the family and the groom return the gifts from his side. She also points out that monogrammed or used items should not be returned.

As for for Kardashian’s 20-karat engagement ring, there are no hard and fast rules except that heirloom pieces from the groom’s family must be given back. “The engagement was followed through upon,” says Post. “The marriage happened and the engagement ring is hers to do with what she wants.” Naylor agrees that the engagement ring legally belongs to the bride, but that brides should consider their “karma” and think more about their “dignity than the goodies.”

The aftermath of short-lived marriage can be a painful and embarrassing time for the bride, the groom, and their respective families. Our experts admonish bride Kim and groom Kris as well as their close family and friends to squelch gossip and refrain from bad mouthing each other whether to other friends, the press, or via social media.

The next few months won’t be much fun for Kardashian, but don’t pity this TV princess. Her lavish fairytale wedding earned her an estimated $17 million, so we suspect she’ll be able to spin her divorce into gold too.

Formerly Known as Puff Daddy. Diddy's business ventures, along with his career as a rapper, made him the richest rapper on the planet, built fortune chiefly through clothing line Sean John, record label Bad Boy and Ciroc Vodka. Acting gigs, television shows and guest appearances add to coffers. he told Forbes in 1999: "I'm gonna be bigger than David Geffen." Not there yet.

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I am who I am, Not because of who I am, But because the Great I AM, Made me who I am.

99 Problems rapper and Beyonce's husband sold Rocawear clothing label for $204 million in 2007; signed 10-year $150 million Live Nation deal in 2008. Now boasts an impressive portfolio,

including shares in the New Jersey nets as well as his input in fashion, music and restaurant businesses. For more on the business of hip-hop, check out Zack's new Jay-Z biography, Empire state of Mind.

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I am who I am, Not because of who I am, But because the Great I AM, Made me who I am.

Super producer/rapper, Dr. Dre may not have put out a new album in the last 10 years, but the rapper and producer has reaped the rewards from his business. helped launch careers of Snoop Dogg, Eminem, 50 Cent. Expanded wealth with Aftermath record label, Beats headphones and HP laptop line.

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I am who I am, Not because of who I am, But because the Great I AM, Made me who I am.

50 Cent has made it to the top five particularly for his business-sawy, as the rapper got a neat nine-figure payout from the sales of Vitamin Water, when it was sold to Coca cola; spent freely on cars, renovations to the mansion formerly owned by Mike Tyson. Cushion remains from catalog, acting gigs and 50 Cent-themed video games, books, clothes and headphones. Future Billionaire? He told Forbes in 2008. "It's probably going to take me 10 years"

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College student pays $88 million in CASH for the most expensive NYC apartment.

Billionaire's Daughter Pays Record Sum for NYC Pad

Former Citigroup chairman Sandy Weill listed his 6,744-sq-ft apartment at 15 Central Park West for an astonishing $88 million in November, promising to donate the proceeds of the sale to charity.

Now comes news that Ekaterina Rybolovleva, the 22-year-old daughter of Russian billionaire Dmitriy Rybolovlev, is buying the condominium. Rybolovleva is currently studying at an undisclosed U.S. university and plans to stay in the apartment when visitingNew York. According to a source familiar with the sale, she paid the full asking price of $88 million, setting a record for highest individual transaction in New York City history.

Here is the official statement from her representatives:

A company associated with Ekaterina Rybolovleva, daughter of a well-known businessman Dmitriy Rybolovlev, has signed a contract to purchase an apartment at 15 Central Park West, New York. The apartment is a condominium currently owned by the Sanford Weill Family.

Ms. Rybolovleva is currently studying at a US university. She plans to stay in the apartment when visiting New York. Ms. Rybolovleva was born in Russia, is a resident of Monaco and has resided in Monaco and Switzerland for the past 15 years.”

The apartment, in one of the toniest post-war buildings in Manhattan, has 10 rooms including 4 bedrooms, a wraparound terrace of more than 2,000 sq. feet, 4 bedrooms and 2 wood burning fireplaces.

“This sale is an outlier. It works out to be about $13,000 per sq. foot, the highest on record, for anything, that has ever occurred,” says Jonathan Miller, chief executive of real estate appraiser Miller Samuel, “What is ironic is that when Sandy Weill bought it for less than half this amount, he paid the highest price per sq foot to date in that building, around, $6,400 per sq. foot. He is again setting a record.”

The previous New York City record had been set back before the market crash when investor Christopher Flowers paid $53 million for a townhouse at 4 east 75th Street. He resold the property on August 15 for just over $36 million.

There were two other very notable sales in the city this year. Russian composer Igor Krutoy paid a record $48 million for a condo at the Plaza in March, and a townhouse at 16 East 69th Street sold for $48 million in July.

Rybolovleva is the second daughter of a billionaire to make huge real estate news this year. Back in July, heiress Petra Ecclestone, daughter of UK Formula One billionaire Bernie Ecclestone, apparently paid $85 million for Spelling Manor, the 56,500-square foot mansion that was previously owned by Candy Spelling, widow of famed TV producer Aaron Spelling, whose works include the “Beverly Hills 90210,” “Charlie’s Angels,” and “Dynasty” series.

Rybolovleva’s father Dmitriy sold the majority of his stake in Uralkali, the fertilizer business that made him rich, for $6.5 billion in 2010. He is already known in U.S. real estate circles for his May 2008 purchase of Donald Trump’s Palm Beach mansion, Maison de L’Amitie. He paid $95 million in cash for that residence, $25 million less than what Trump had originally asked. It was apparently the largest single residence price concession of all time. He may not own that house much longer though. His wife Elena, who filed for divorce in Pam Beach court in 2009, is seeking transfer of ownership of the former Trump mansion. He himself spends much of his time at his home in Monaco and is likely to buy the struggling French football club, AS Monaco.

Born months apart, billionaire heiresses Petra Ecclestone and Ekaterina Rybolovleva have both purchased homes in the U.S. worth over $80m… but that’s where the similarities end

They are born just months apart, own two of America's most expensive homes and have two of the world's wealthiest men as fathers.

That Ekaterina Rybolovleva and Petra Ecclestone are some of the world's most privileged heiresses there is no doubt - but while their backgrounds may appear strikingly similar at first glance, the two heiresses lead very different lives.

While both have taken the real estate world by storm, Ekaterina remains a modest and relatively unknown character. Her peer, Petra, has an image that is rather more in keeping with her flashy $175million property portfolio.

Chalk and cheese: Privileged real-

estate owners they may be, heiresses Ekaterina Rybolovleva, left, and Petra Ecclestone lead different lifestyles. Petra courts the media, while little is known about Ekaterina

Ekaterina is the daughter of well-known oligarch Dmitriy Rybolovlev, the 'potash king' and former owner of fertilizer business Uralkali. Petra's father is Bernie Ecclestone, 81, the British F1 racing mogul.

No doubt the ladies' paths have crossed on the well-heeled, doorman-staffed sidewalks of Monaco, or on the beaches of St Tropez - but whether they'll bump into each other Stateside is another question.

While 22-year-old Russian heiress, Ekaterina, is the new owner of New York City's most expensive home, she lives largely out of the spotlight, reportedly studying at Harvard University, according to the New York Post.

In what was the single largest real estate transaction ever recorded in the city, the ten-room, wraparound-terraced apartment has propelled the horse-mad socialite into the high-rolling annals of New York property history.

Russian rider: Ekaterina is a competitive equestrian and is said to have made only $2,370 from the horse trial circuit last year. She seems to shun media attention, and studies at an undisclosed U.S. university

If money were edible: Petra, meanwhile, has appeared in numerous interviews, here pictured for Flaunt magazine 'eating' $100 bills. The bombshell maintains she is not spoilt but merely privileged

There are no reports of the oligarch's daughter in designer labels, collecting designer handbags or driving top-of-the-range cars, in the manner of Petra, who is said to have a collection of Hermes Birkin bags, valued at around $50,000 each.

She has not, as far as we know, been to the shops by helicopter - as Petra's older sister Tamara did in the Cote d'Azur this summer - nor does she own a second London home valued at $90million.

Her move does however follow that of Petra, 23, who in July shot to fame in the U.S. for paying the princely sum of $85million in cash for the Spelling mansion in LA.

The 56,500 sq-foot pile in Holmby Hills is a relative bargain in comparison to Ekaterina's new Upper West Side pad, costing just over $1,500 per sq-foot compared to a record-breaking $13,500 per sq-foot.

Born in Russia, Ekaterina has for the last fifteen years lived between Monaco and Switzerland. A keen horse woman, she competes at trials across Europe.

There is no doubt that Ekaterina's millions were not made by her - she is reported to have made just $2,370 in competition wins last year, according to equestrian website, Global Champions Tour, cites the New York Observer.

Room with a view: Ekaterina bought the 15 Central Park South apartment for a staggering $88million this week. It boasts ten rooms, a wraparound terrace and stunning views across New York

Plenty of reading room: Ekaterina's new penthouse home has a wood-panelled library and two fire places

Commanding: The purchase is the single largest real estate transaction ever recorded in the city, propelling the horse-mad socialite into the high-rolling annals of New York property history

The new Petra? Though little is known about the new owner of 15 Central Park West's penthouse, the student is a keen horsewoman who has so far stayed out of the media spotlight

Photos of the young woman show her with horses, sporting a pared-down, girl-next-door style.

But while the equestrian leads a life far out of public eye, apparently not courting media attention, Petra is something of a media darling.

Born and raised in London, Petra moved to her new Californian pile, complete with bowling alley, swimming pool, tennis courts, 14 bedrooms and acres of lawns, just months ago.

In a recent interview and photoshoot for Flaunt magazine, the blonde bombshell, labels-obsessed bombshell held a wad of $100 bills up to her scarlet lips.

The shoot did nothing to quell opinions of the heiress - who did not attend university - as spoilt and ostentatious with her cash.

While her father is reported to have spent close to $20million on her August nuptials in Italy, the fashion designer - who went from menswear design to launching a range of eye-wateringly expensive handbags under her new label, Stark, recently - maintains that she is from hard-working stock.

To a manor born: Petra's rambling $85million LA mansion, bought in July, has 14 bedrooms and a bowling alley

Sweeping stairs: The majestic Holmby Hills manor is Petra's second home and was bought in cash in July

Recession, what recession? The two heiresses are unabashedly bucking the national trend, using their family fortunes to snap up homes fit for princesses in an uncertain housing market

Daddy's girl: F1 mogul, Bernie Ecclestone, gave his daughter Petra away at her $20million August nuptials

'With time, people will get to know the real me and realize that I’m not going to parties and falling out of my dress and getting drunk and all that.

'I realize I am very privileged. But there’s a difference between being spoiled and privileged,' she told the fashion magazine, echoing a phrase she used in the summer when speaking with Good Morning America.

'I realise I am very privileged. But there’s a difference between being spoiled and privileged'

In the meantime, Ekaterina is studying at university.

While her subject choice is not known, it is likely that she is undertaking a post-grad course.

In a statement by a representative of Ekaterina, it was revealed that the student would only use the apartment when visiting New York.

While Petra bought her LA home as an investment, reportedly borrowing a staggering $82.4million from her Croatian mother, former Armani model, Slavica, to purchase the pile, it has been speculated that the Russian heiress' new pied-a-terre purchase may have other motives.

Daddy's dollars: Russian oligarch Dmitriy Rybolovleva, left, and Bernie Ecclestone, right, are two of the world's richest men, their daughters standing to inherit many billions of dollars between them

An ongoing and highly acrimonious divorce battle between Mr Rybolovleva and wife of 23 years, Elena, stands to see the magnate losing $3.5billion - and the apartment is a convenient way to channel funds to the safety of his daughter's name.

It is also thought that the purchase may be related to income tax liability in the famously high-tax city, reports the Observer. The home's former owner, Citigroup CEO Sandy Weill, has pledged to give all of the proceeds of the record-breaking sale to charity.

Given the buzz surrounding the Central Park property, it may only be a matter of time for the pretty young Russian to hit the New York social pages - with or without a Birkin handbag in tow.

In this Monday, Dec. 19, 2011 photo, billionaire Indian tycoon Ajay Piramal speaks during an interview with the Associated Press at his office in Mumbai, India. In May last year, Piramal's healthcare business sold its generic drug operations to U.S. pharmaceutical giant Abbott Laboratories for $3.8 billion. Piramal was eager to set that cash pile to work and wanted to expand one of his chemical plants, but was told it would take five years. With the country mired in corruption, bureaucratic red tape and unclear and changing government policies, many of the men who made their billions here are saying maybe it's time to quit India. It's got to be easier to do business elsewhere. (AP Photo/Rafiq Maqbool)

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MUMBAI, India (AP) -- Ajay Piramal is sitting on a mountain of cash. Yet the billionaire Indian tycoon, working in one of the world's fastest growing economies, is struggling to figure out what to do with the money.

The problem isn't opportunity, he said. It's India.

"Every large investment, there was no transparency," Piramal said.

His dilemma is a worrying sign for India. With the country mired in corruption, bureaucratic red tape and unclear and changing government policies, many of the men who made their billions here are saying maybe it's time to quit India. It's got to be easier to do business elsewhere.

In May last year, Piramal's healthcare business sold its generic drug operations to U.S. pharmaceutical giant Abbott Laboratories for $3.8 billion. Piramal, a tall big man in a country that still measures prosperity by girth, was eager to set that cash pile to work. He wanted to expand one of his chemical plants, but was told it would take five years.

"The same plant could be set up in China in two years," he said. "I love India, but my customer is not going to wait."

India, still a beacon of relatively fast growth despite a troubled world economy, should be a magnet for capital. Instead, since the beginning of 2010, the amount that Indians have invested in businesses overseas has exceeded the amount foreigners are investing in India, according to central bank figures.

In part this reflects the confidence and aptitude of India's maturing companies and the current malaise in the global economy and financial markets. But it also reflects deep problems at home. India's big coporations may be cash rich but the failure to invest that money domestically is bad news for a developing country that needs capital to build the roads, power plants and food warehouses that could help lift hundreds of millions out of dire poverty.

The frustration of India's business elite with corruption, political paralysis, log-jammed approvals, regulatory flip-flops, lack of access to natural resources and land acquisition battles — to pick a few of the top complaints — has reached a pitch perhaps not heard since India began liberalizing its economy in the early 1990s.

"If you are an honest businessman in India, it's very difficult to start up anything," said Jamshyd Godrej, chairman of manufacturing giant Godrej & Boyce. "Companies are going to operate where they see the best opportunities and efficiency for their capital."

Increasingly, that's outside India.

In 2008, foreigners poured roughly twice as much direct investment into India — $33 billion — as Indians plowed into businesses overseas. By 2010, that had reversed: Indians invested $40 billion abroad — twice as much as foreigners invested in India — a trend that's continued this year.

There is another, unspoken element to all the complaints. To the extent that business in India ran on corruption, some of the old, dirty ways of doing things are being disrupted, freezing India's already glacial bureaucracy, business leaders say.

Scandals in the staging of the Commonwealth Games, the pilfering of homes meant for war widows and the irregular auction of cellphone spectrum that cost the country billions has sent parliamentarians and even a Cabinet minister to prison.

With Indians tiring of the incessant graft, tens of thousands of middle-class protesters poured into the streets and pushed an anti-corruption bill onto the floor of Parliament.

Steelmakers can't get enough iron ore because a massive mining scandal in the southern state of Karnataka prompted a court to order the closure of illicit mines that account for a fifth of iron ore production in the country.

The bureaucrats — even the honest ones — are reportedly so scared of being punished they are refusing to make the decisions needed to make the country run.

Piramal is not unpatriotic. Each room in his executive suite is named after an Indian epic hero: Arjuna, the most pure; Dhananjay, acquirer and master of wealth. There's a quote from the Upanishads scriptures on the wall.

His office sits in a one million square foot office park in Mumbai his family built. The buildings around him — white with blue glass that flashes back the unforgiving sun — bear his own name in large black letters: Piramal Towers.

Piramal had the will and the means to build power plants and roads.

Instead, his Piramal Group's largest investment to date has been in one of the office park's tenants: the Indian subsidiary of the British telecom giant Vodafone Plc.

Last September, when he got the first payout, of $2.2 billion, from Abbott, the phone started ringing.

"Because people knew we had money, we had so many people approaching us for projects in the infrastructure sector," he said. "These people had no experience and no knowledge and no track record of having built a business in any area. And yet they were coming to us saying we have licenses and approvals. That just didn't sound right or smell right."

Each day, they paraded through his office: The investment banker who decided to build a 500 megawatt power plant, the coal trader assured of a government coal allocation, small-time miners with pretty presentations promising land, licenses and financing.

"They'd name politicians from the center and the state who had it all tied up for them," he said. "It didn't sound right. Obviously there were things going on in the system."

Road and port projects weren't much better, he said.

Piramal also looked at investing in engineering and infrastructure services companies, but couldn't make sense of their books.

"We couldn't find anything," he said. "People get greedy. In their desire to get good valuations they resort to, if I can say, creative accounting."

Today, India's infrastructure companies are known as great wealth destroyers.

"Infrastructure investment has become untouchable, a sure way of losing money," said Jagannadham Thunuguntla, head of research at SMC Global Securities. He calculates that four of India's top infrastructure companies — GMR Infrastructure, GVK Power and Infrastructure, Lanco Infratech and Punj Lloyd — have lost over 80 percent of their value since 2007. A fifth, Larson & Toubro is down 50 percent.

Piramal may have dodged a bullet, but shareholders in Piramal Healthcare aren't happy. Despite a $600 million special dividend and share buyback, the share price has sagged since the Abbott deal was announced on May 21 last year. They'd like to see the Abbott cash productively deployed. Instead, much of it is sitting in fixed deposit accounts.

Piramal said he really does want to run a pharmaceutical company and be the first Indian company to discover a world-class drug — despite his dabbling in telecom, financial services and real estate financing. It's just that pharma can't absorb all his cash. He plans to sell the 5.5 percent stake he picked up in Vodafone Essar for $640 million in a few years, when Vodafone Essar issues shares in an initial public offering, he said.

He has also launched Piramal Capital, to make real estate and infrastructure loans, and spent about $50 million to acquire IndiaReit, a real estate investment company.

Meanwhile, his thoughts have turned to Boston, where he set up IndUS Growth Partners with a professor from Harvard Business School to look for buying opportunities in the U.S., in security, financial services and biotechnology. And he said he's still planning to spend over a billion dollars on biotechnology acquisitions in North America and Europe.

"India was going more towards capitalism than socialism," Piramal said. "I think we're going back. Capitalism went to too much excess. Corruption levels went to the extreme."

He said he'll announce his first overseas acquisition by March.

Thanks ~ Erika Kinetz

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How about helping with your own country's poverty issues? Certainly there must be people projects in your own backyard to address with your tons of cash, Mr. Piramal?...

There are times when divorce forces people to do strange things. Burn sheets. Throw out clothes. Toss rings into the ocean. But when you get $100 million in your divorce, you can trump just about anything and that's what happened with Tiger Woods' ex-wife when she bought a $12 million home and bulldozed the whole thing.

Yes, according to TMZ, Elin Nordegren bought a $12 million home in North Palm Beach, FL, but didn't like it, and has plowed the whole thing.

The house, which had six bedrooms and eight bathrooms, is now just rubble, with no word yet on what is going to replace the beautiful building you see above, but I guess when you have nine figures in the bank, it doesn't really matter what you want.

I guess we can all applaud Elin on not rolling over after all this happened and continuing on with her life. But I think we can all agree on one thing: Why in the world is she still in Florida? Wouldn't you want to move back home for good?